July 21, 2026 · posted 6 days ago

Markets:

Stock futures are higher Tuesday morning as investors look past the latest developments in the Middle East and shift their attention toward earnings season.

Earnings have gotten off to a strong start. 3M rallied more than 5% after delivering better than expected quarterly results, while General Motors gained following an earnings beat. So far, nearly 87% of S&P 500 companies that have reported have exceeded earnings expectations.

Technology is leading once again, with semiconductors providing the biggest boost. SMH is up more than 3% in early trading, while MRVL, MU, and ALAB are all posting strong gains. INTC is also trading more than 5% higher ahead of its earnings report later this week.

The market's attention now turns to several major technology earnings releases, including TSLA, NOW, IBM, GOOGL, INTC, and MXL.

Portfolio:

We enter today's session holding positions in DRAM, ORCU, and NVDL. Much of the overnight strength has been driven by South Korea, with leadership once again coming from AMD and the memory space led by MU.

Key QQQ levels we are watching today:

Resistance: 711 to 712

Support: 700 to 699

Gap support: 696

Over the past several weeks we have continued to say the market would begin to look much different, and that rotation is now unfolding. The focus has shifted back toward artificial intelligence, semiconductors, and technology leadership. If earnings support the narrative, we believe the next the summer of all summers will return more than expected after the poor price action last few weeks.

This is a pivotal week for the market. Stay focused on the price action, manage risk, and be prepared to capitalize on the opportunities earnings season creates.

Be sure to utilize our Traders Hub for additional market tools and resources:

https://mtoptions.com/traders-hub/